Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on May 6, 2025, including domestic and LME prices, price ratios, spreads, equilibrium price ratios, and theoretical spreads [1][3][4]. 3) Summary by Category Cross - Market Arbitrage Tracking - Copper: On May 6, 2025, the domestic spot price was 77,930 with an LME price of 9,333 and a ratio of 8.32; the three - month domestic price was 76,830 with an LME price of 9,340 and a ratio of 8.30. The equilibrium ratio for spot import was 8.32, with a loss of 118.83. The loss for spot export was 513.50 [1]. - Zinc: The domestic spot price was 22,910 with an LME price of 2,603 and a ratio of 8.80; the three - month domestic price was 22,195 with an LME price of 2,639 and a ratio of 6.38. The equilibrium ratio for spot import was 8.80, with a loss of 4.26 [1]. - Aluminum: The domestic spot price was 20,070 with an LME price of 2,423 and a ratio of 8.28; the three - month domestic price was 19,840 with an LME price of 2,451 and a ratio of 8.15. The equilibrium ratio for spot import was 8.83, with a loss of 1,352.12 [1]. - Nickel: The domestic spot price was 125,200 with an LME price of 15,376 and a ratio of 8.14. The equilibrium ratio for spot import was 8.36, with a loss of 4,414.56 [1]. - Lead: The domestic spot price was 16,775 with an LME price of 1,961 and a ratio of 8.52; the three - month domestic price was 16,870 with an LME price of 1,972 and a ratio of 11.41. The equilibrium ratio for spot import was 9.01, with a loss of 971.10 [3]. Cross - Period Arbitrage Tracking - Copper: On May 6, 2025, the spreads for the next - month, three - month, four - month, and five - month relative to the spot month were - 230, - 620, - 950, and - 1210 respectively, while the theoretical spreads were 489, 877, 1273, and 1669 [4]. - Zinc: The spreads were - 225, - 470, - 600, and - 675; the theoretical spreads were 216, 339, 461, and 583 [4]. - Aluminum: The spreads were - 65, - 135, - 145, and - 210; the theoretical spreads were 211, 323, 435, and 547 [4]. - Lead: The spreads were 40, 70, 70, and 50; the theoretical spreads were 209, 314, 419, and 524 [4]. - Nickel: The spreads were 20, 180, 420, and 580 [4]. - Tin: The spread for 5 - 1 was - 490, and the theoretical spread was 5390 [4]. Cross - Variety Arbitrage Tracking - The price ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.46, 3.87, 4.55, 0.89, 1.18, and 0.76 respectively; in London (three - continuous) were 3.52, 3.80, 4.66, 0.93, 1.23, and 0.76 [5]. Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were - 485 and - 715, while the theoretical spreads were 212 and 610 [4]. - Zinc: The spreads were - 245 and - 470; the theoretical spreads were 64 and 197 [4]. - Lead: The spreads were 25 and 65; the theoretical spreads were 132 and 244 [5].
有色套利早报-20250506
Yong An Qi Huo·2025-05-06 12:31